Saudi Arabia’s Fashion Commission is playing a key role in building a more robust ecosystem to propel the sector’s growth, the Small and Medium Enterprises General Authority’s (Monsha’at) report for the first quarter (Q1) this year said.
The fashion industry in Saudi Arabia, which contributed 1.4 per cent of the kingdom’s GDP in 2022, is set to witness a cumulative annual growth of 48 per cent between 2021 and 2025, according to a government report.
The domestic women’s apparel market will see a 20 per cent growth by 2027, while the men’s market is set to expand by 27 per cent in the period.
While the total value of the fashion sector in Saudi Arabia, including international brands, stood at $24.6 billion in 2022, the domestic fashion industry was worth $12.5 billion.
The fashion industry in the kingdom employed over 230,000 people in 2022, and 52 per cent of the workforce in the sector was female.
The women’s apparel market in the kingdom will see a 20 per cent growth by 2027, while the men’s market is set to expand by 27 per cent during the period, the report noted.
The report also highlights Saudi Arabia’s leadership in the Middle East and North Africa region’s venture capital landscape, with an impressive SR900 million invested in start-ups during the first quarter this year, accounting for a 65-per cent market share.
Fibre2Fashion News Desk (DS)